Explain the fol lowing concepts. ii Economies of scale ii] Diseoonomies of scale iii) Prot maximization Whyr do monopolies face a downwa rdsloping demand curve as opposed to a horizontal demand curlre?I With the aid of a diagram, explain the shortrun shutdown point for a perfectly competitive rm. Acompetitive firm sells its product at a price of $0.25 per unit. Its total is: TC = 5 0.54:2 +0.001Q'2 ii) Determine the output rate that maximizes prot or minimizes losses in the short term (ii) If input prices increase and causes the cost function to become TC = B 0.100 + 0.00602 what will the new equilibrium output rate be? Explain what happened to the profit-maximizing output rate when input prices were increased